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Indonesia Stock Market May Extend Winning Streak

The Indonesia stock market has moved higher in two straight sessions, rising more than 65 points or 1 percent along the way. The Jakarta Composite Index now rests just beneath the 6,330-point plateau and it's tipped to add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for rate hikes and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The JCI finished modestly higher on Thursday following gains from the resources stocks and mixed performances from the financials and cement companies.

For the day, the index collected 56.48 points or 0.90 percent to finish at the daily high of 6,328.71 after moving as low as 6,268.51.

Among the actives, Indocement eased 0.15 percent, while Semen Indonesia surged 6.47 percent, Holcim Indonesia shed 0.80 percent, United Tractors added 0.44 percent, Indofood Suskes jumped 1.71 percent, Unilever Indonesia soared 5.05 percent, Bank Danamon advanced 0.92 percent, Bank Mandiri climbed 1.65 percent, Bank Rakyat Indonesia collected 0.81 percent, Indosat plummeted 13.56 percent, Bumi Resources spiked 2.82 percent, Aneka Tambang gained 1.28 percent, Vale Indonesia rose 5.20 percent and Bank Central Asia and Bank Negara Indonesia were unchanged.

The lead from Wall Street is positive as stocks shook off early weakness Thursday to finish higher for the fifth straight session.

The Dow added 122.80 points or 0.51 percent to 24,001.92, while the NASDAQ gained 28.99 points or 0.42 percent to 6,986.07 and the S&P rose 11.68 points or 0.45 percent to 2,596.64.

The initial weakness on Wall Street came as traders cashed in on recent strength after trade talks between the U.S. and China showed no significant breakthroughs. Selling pressure waned shortly thereafter as traders remain optimistic the U.S. and China will eventually reach a long-term trade deal.

On the U.S. economic front, the Labor Department reported a bigger than expected drop in initial jobless claims in the week ended January 5.

Traders also followed remarks from Federal Reserve Chairman Jerome Powell, who reiterated the Fed will be patient in raising interest rates further, noting the central bank is waiting and watching.

Crude oil futures ended higher on Thursday, extending gains to a ninth successive session on reports of declines in crude output from OPEC and other major producers. Crude oil futures ended $0.23 or 0.4 percent at $52.59 a barrel.

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